Loading
Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $32.24B | +13.3% | $11.95 | +116.1% | 16.3% | 12.8% |
| FY2025 Q1 | $31.55B | -2.6% | $14.12 | +21.9% | 17.9% | 15.0% |
| FY2025 Q2 | $31.27B | +0.3% | $10.95 | +27.0% | 15.9% | 11.9% |
| FY2025 Q3 | $32.15B | +2.0% | $12.25 | +45.8% | 16.8% | 12.7% |
| FY2025 Q4 | $30.13B | -6.6% | $14.00 | +17.2% | 19.4% | 15.3% |
| FY2026 Q1 | $17.23B | +13.9% | $17.55 | +24.3% | 37.7% | 32.7% |
| FY2026 Q2 | $38.43B | +22.9% | $20.98 | +91.6% | 30.0% | 17.2% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ebrahim Poonawala | Bank of America | 14 (14%) |
| Mike Mayo | Wells Fargo | 12 (17%) |
| Gerard Cassidy | RBC Capital Markets | 12 (0%) |
| Glenn Schorr | Evercore ISI | 12 (8%) |
| Dan Fannon | Jefferies | 11 (9%) |
| Devin Ryan | Citizens JMP Securities | 11 (0%) |
| Betsy Graseck | Morgan Stanley | 10 (10%) |
| Erika Najarian | UBS | 9 (0%) |
| Steve Chubak | Wolfe Research | 8 (0%) |
| Christian Bolu | Autonomous Research | 8 (38%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 14 (14%) |
| Morgan Stanley | 2 | 13 (8%) |
| RBC Capital Markets | 1 | 12 (0%) |
| Wells Fargo | 1 |
| 12 (17%) |
| Evercore ISI | 1 | 12 (8%) |
| Jefferies | 1 | 11 (9%) |
| Citizens JMP Securities | 1 | 11 (0%) |
| UBS | 1 | 9 (0%) |
Goldman Sachs generated net revenues of $17.2 billion and earnings per share of $17.55 in the first quarter, both the second highest in firm history, on a 19.8% return on equity and a 21.3% ROTE. Global Banking & Markets set a segment record at $12.7 billion with an ROE above 22%, led by record equities net revenues of $5.3 billion and advisory revenues of $1.5 billion, up 89% year-over-year on higher completed volumes. FICC net revenues were $4 billion as significantly lower rates and mortgages results were partly offset by stronger currencies and commodities, while combined FICC and equities financing revenues of $3.7 billion rose 36% to nearly 40% of the two businesses' total. Asset & Wealth Management ended the quarter with a record $3.7 trillion in assets under supervision, $62 billion of long-term net inflows and $26 billion of alternatives fundraising that included $10 billion in credit. Management said the M&A backlog held near its four-year high despite record accruals, and the firm returned $6.4 billion to shareholders, including $5 billion of buybacks, and ended at a 12.5% CET1 ratio.
Capital Allocation | Revenue Growth | Margin | Competitive Dynamics | Regulation Policy | Demand | Macroeconomic | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 6 | 4 | 5 | 2 | 3 | 2 | 1 |
| 2025Q1 | 9 | 6 | 7 | 6 | 2 | 5 | 3 | |
| 2025Q2 | 11 | 3 | 5 | 5 | 6 | 2 | 1 | 2 |
| 2025Q3 | 5 | 6 | 6 | 5 | 2 | 3 | 1 | |
| 2025Q4 | 3 | 7 | 8 | 3 | 4 | 6 | 2 | 1 |
| 2026Q1 | 11 | 7 | 2 | 6 | 4 | 1 | 3 | 6 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capital Allocation | 4 | 9 | 11 | 5 | 3 | 11 |
| Revenue Growth | 6 | 6 | 3 | 6 | 7 | 7 |
| Margin | 4 | 7 | 5 | 6 | 8 | 2 |
| Competitive Dynamics | 5 | 6 | 5 | 5 | 3 | 6 |
| Regulation Policy | 2 | 2 | 6 | 2 | 4 | 4 |
| Demand | 3 | 5 | 2 | 3 | 6 | 1 |
| Macroeconomic | 2 | 3 | 1 | 2 | 3 | |
| M&A | 1 | 2 | 1 | 1 | 6 |
What GS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Our collaboration with Goldman Sachs is progressing with momentum building in model portfolios and product development advancing for the launch of an interval fund and Target Date sister series later this year.”
T. Rowe Price's strategic collaboration with Goldman Sachs is advancing model portfolios and co-branded product development including interval and target date funds.
“we established a new form of debt financing through a 10-year unsecured term loan with an affiliate of Goldman Sachs.”
Realty Income established a 10-year unsecured term loan via a Goldman Sachs affiliate as part of a municipal prepay structure; read-through on Goldman's structured-financing role.
“We're working closely with Anthropic and all of our security vendors to kind of harness frontier capabilities”
Goldman is working closely with Anthropic among its security vendors to harness frontier AI model capabilities for cyber resilience, a read-through on Anthropic as an enterprise AI vendor to a major bank.
“reflecting the move of the Apple portfolio to held for sale”
Goldman is moving the Apple (Apple Card) portfolio to held for sale, a read-through that Goldman is winding down its consumer partnership with Apple.
“we feel very, very good about the decisions we've made on both the partnership with T. Rowe and the 2 acquisitions”
Goldman highlights its partnership with T. Rowe Price alongside two acquisitions, a read-through on a T. Rowe Price strategic partnership.
“We are pleased to have closed the acquisition of Innovator in the second quarter, which adds an additional $31 billion in assets under supervision”
Goldman acquired ETF provider Innovator, adding $31B in AUS and vaulting into the top 10 active ETF providers, a read-through that Innovator was absorbed by Goldman AWM.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on a $26B energy transaction in which Devon Energy is the acquirer, a read-through on Devon Energy's large-scale M&A.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on Sysco's $29B acquisition of Jetro Restaurant Depot, a read-through on major Sysco M&A/consolidation in foodservice distribution.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on Unilever combining its food business with McCormick in a $43B deal, a read-through that Unilever is divesting/spinning its food unit.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on the announced $43B merger of Unilever's food business with McCormick, a read-through on a large-scale McCormick M&A transaction.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
GS The Goldman Sachs Group, Inc. | 7 | +13.9% | |
| CRCL Circle Internet Group | 7 | +20.0% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | |
| HOOD Robinhood Markets, Inc. | 8 | +15.1% | |
| MS Morgan Stanley | 9 | +18.8% | |
| RIOT Riot Platforms, Inc. | 6 | +3.6% | |
| RJF Raymond James Financial | 7 | +12.4% | |
| SCHW Charles Schwab Corporation | 9 | +9.8% |